ProShares' Stablecoin-Ready ETF Sees Massive Inflows

The ProShares GENIUS Money Market ETF (IQMM) has made a significant debut in the market with $17 billion in trading volume on its first day. This has led to speculation about the involvement of major stablecoin issuers like Circle.

Analysts initially suspected that Circle might be allocating a large portion of its reserve assets to the fund, given the ETF's unique structure and the GENIUS Act rules it meets. However, data shows that this is unlikely, with Circle's main reserve fund for USDC showing no major changes in recent days.

The massive launch may have caught the attention of some of the largest players in crypto, who are looking for ways to manage their stablecoin reserves. With over $300 billion in U.S. dollar stablecoins in circulation, a significant portion of these reserves could eventually be allocated to ETFs like IQMM.